Oil prices remained near a three-week low as investors assessed mixed U.S. economic data, U.S. sanctions on Venezuela and Iran, and easing tensions in the Middle East. Increased interest in energy trading lifted open interest in Brent futures to its highest level since February 2021. In the U.S., unchanged unemployment claims suggested ongoing labor market strength, but existing home sales fell in March. Analysts anticipate the Federal Reserve may delay interest rate cuts until September. In Europe, the ECB signaled an interest rate cut in June, while in China, officials discussed measures to support the economy amidst weak domestic demand. Despite U.S. sanctions on Venezuela and Iran, the market largely discounted their impact, unwinding the geopolitical risk premium in oil prices. Brent futures fell 18 cents, or 0.2%, to settle at $87.11 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 4 cents, or 0.1%, to settle at $82.73.

On Mobile? Click here to download the PDF

stampede
swars
  • Where: Moody Gardens Hotel and Convention Center
  • Attending: Curtis Chandler (239.405.3365) David Cohen (954-729-4774)
  • Conference Website